Investors gave Alibaba Group Holding Ltd. a warm reception on Wall Street today.
The Chinese e-commerce giant’s stock opened at $92.70 on the Nasdaq, 36.3 percent ahead of its IPO price, which was set at $68 late Thursday. At 12:15, the stock was trading at $92.61.
At that price, Alibaba was valued at $228.28 billion — well ahead of its U.S. competitors Amazon.com Inc., which is valued at $151.73 billion, and eBay Inc., which is valued at $65.47 billion.
The IPO will give the company, which is led by Jack Ma, a new currency to acquire new businesses and continue to build out its global presence.